There are two main policy changes taking center stage in the debate over how to best curtail pollution (a negative externality): A Cap & Trade system or a Carbon Tax. I am firmly in favor of the Carbon Tax as it will definitely cut pollution substantially, could be combined with a payroll tax deduction to encourage the incentive to hire, and would be a much more predicable expense for business to plan for. This dude (Phil Levy of FP) does a much better job explaining the issue.
Update: Another quick read straight from the leading proponent of the Carbon Tax.
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